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Wireless Charging Market worth over $14bn by 2024

Wireless Charging Marketsize is set to exceed USD 14 billion by 2024; as per a research report published by Global Market Insights, Inc.

Growing demand of the technology across the automotive sector owing to rising pollution concerns as well as depleting fossil fuels is expected to drive the wireless charging market over the forecast timeline. Manufacturers have recognized that consumers are increasing their spending capacity and are ready to invest in premium products. Several automotive manufacturers such as Audi, BMW, Daimler and Toyota are actively researching the technology. The industry is characterized by a considerable amount of R&D, which is expected to contribute to overall growth.

A huge opportunity for the technology exists in the highly automated & connected industries, as the battery power is a vital factor in several industrial applications. Wireless charging in industrial settings helps reduce the risk of explosions caused by stray sparks which occur during the connection and disconnection of current carrying power cables. In industrial applications of unmanned systems and robotic vehicles which require high voltages of electricity to operate efficiently, the technology is providing a consistent, high efficiency power supply to batteries which is expected to enhance the wireless charging market growth.

Resonant technology accounted for more than 25% of the wireless charging market share in 2016. The technology does not require direct contact for charging of devices and allows several devices to be charged simultaneously. It has a competitive advantage over the inductive technology as it offers wireless transfer of power at a long range for multiple devices. The technology is anticipated to become more widely available at coffee-shop tables and in offices under the desks.

Healthcare is a promising application segment for the wireless charging market. The usage of medical implants in advanced medical therapies for a variety of chronic conditions is growing, with the ability to safely charge such devices opens new opportunities to several treatment options thereby driving the wireless charging market growth. Moreover, wireless charging technology is offering its end-users the ability to extend the lifetime of an implant as the battery can be recharged, and can also eliminate the battery need in some cases.

The players operating in the wireless charging market include WiTricity Corporation, Integrated Device Technology, Inc., Texas Instruments, Inc., Qualcomm Inc., Energizer Holdings, Inc, PowerbyProxi Ltd., Powermat Technologies, Powercast Corporation among others. The industry is extremely competitive in nature, which has led several manufacturers to develop and commercialize several key technologies that are implemented in smart devices and contribute towards the end-user demand.

Companies are licensing their product portfolio which include patent rights, and which are beneficial in the manufacturing and distribution of wireless charging products. Moreover, several vendors are extending their businesses to emerging markets such as Asia Pacific and MEA as the North America wireless charging market appears to be comparatively mature in terms of infrastructural development.

Wireless charging market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024, for the following segments:

Wireless Charging Market, By Technology

Inductive

Resonant

RF

Others

Wireless Charging Market, By Application

Automotive

Consumer

Industrial

Healthcare

Aerospace & Defense

The above information has been provided on a regional and country basis for the following: